Global Automotive Cable Market Report 2022 by The Business Research Company – Global Market Size, Trends and Forecast 2022-2026
LONDON, GREATER LONDON, UK, April 7, 2022 /EINPresswire.com/ — The growing demand for cars is encouraging the Automotive Cable Market Growth. Automotive cables are used in automobiles for starting, charging, lighting, signaling and dashboard circuits. For example, battery cables in automobiles are used to connect the battery to the car’s electrical system. The growing demand for automotive will force automotive companies to increase their production and hence increase the demand for automotive cables. In addition, 18.7 million electric vehicles are expected to be in use by 2030. According to the automotive cable market forecast, market growth is positively impacted by increasing automotive demand.
The global automotive cable market size is expected to grow from USD 4.23 billion in 2021 to USD 4.66 billion in 2022 at a compound annual growth rate (CAGR) of 10.1%. The market growth is mainly driven by businesses resuming operations and adapting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive lockdown measures involving social distancing , remote working and closing business activities. which resulted in operational difficulties. The automotive cable market is expected to reach USD 6.19 billion in 2026 with a CAGR of 7.4%.
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TBRC’s automotive cable market research shows that companies are investing in replacing copper with aluminum in battery cables to reduce manufacturing costs and reduce weight. The aluminum used is one third the weight of copper and is less expensive than copper. The replacement contains no significant difference in cable performance.
The major players covered in the global automotive cables industry are Sumitomo Corporation, Coficab Tunisie SA, Leoni, Delphi Automotive PLC, General Cable, Furukawa Electric, Lear Corporation, Coficab Group, Yazaki Corporation and Allied Wire & Cable Inc.
Asia-Pacific was the largest region in Automotive Cable Market in 2021. Regions covered in Automotive Cable Market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East and Africa.
The global TBRC Automotive Cable market report is segmented by Product Type in Copper Core, Aluminum Core, Others, by Sales Channel in Direct Channel, Distribution Channel, by Application in Automotive Primary Wire and Cable. battery cable, brake cable, trailer cable, car speaker wire, fusible link wire.
Global Automotive Cable Market Report 2022 – By product type (copper core, aluminum core, other product types), by sales channel (direct channel, distribution channel), by application (automotive primary wire and battery cable, brake cable, trailer, car speaker wire, fusible link wire) – Global Market Size, Trends and Forecasts 2022-2026 is part of a series of new reports by The Business Research Company that provides an overview of the automotive cable market , forecasts Automotive Cables market size and growth for overall market, Automotive Cables market segments, geographies, Automotive Cables market trends, Automotive Cables market drivers, restraints, revenue, profiles and shares of the market of the main competitors.
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